US stocks fall around 3%

NEW YORK—US stock markets fell around three percent in morning trade on Monday, following last week’s historic downgrade of the United States’s credit rating.

The Dow Jones Industrial Average was down 3.0 percent to 11,098.17 after about one hour of trading, while the broader S&P 500 fell 3.6 percent to 1,156.64 and the tech-heavy Nasdaq Composite dropped 4.0 percent to 2,431.83.